As the controversy over the introduction of non-interest banking, otherwise known as Islamic banking by the Central Bank of Nigeria (CBN) rages on, the apex bank governor, Malam Sanusi Lamido Sanusi has dared the critics of the new banking system.

He had also asked them to go court to seek redress over the matter.

The Christian Association of Nigeria (CAN) has been in the forefront of condemning the introduction of the Islamic banking system in the country on the grounds that the banking system betrayed the principle of Nigeria as a secular state.

But speaking at a seminar organised by the Tijjaniya Youth Movement Initiative yesterday, in Kano, Sanusi, who described the Islamic banking as ordinary banking package, challenged anybody not happy with it to sue the apex bank before the court of law.

He stated that at a point, he had offered to attend a meeting of the leadership of CAN to explain to them the concept of Islamic banking and why it was imperative for economic development, but his offer was turned down by the Christian body.

But Sanusi, debunked insinuations regarding the concept, saying Islamic banking was not about instituting the Islamic law in the country.


He explained that it was a business concept like any other one and challenged anybody with any comprehensive banking system to bring it forward.

He said as against the popular insinuations, the Islamic banking project was not his own agenda as it has been in the policy of the CBN since the time of his predecessor, Professor Chukwuma Saludo.

The apex bank governor also recalled that as far back as 1996 when the defunct Habib Bank was founded, its operational system was purely Islamic.

Recounting the gains of Islamic banking, Sanusi said in addition to employment opportunities, it would give room for foreign direct investment which would consolidate the economic development of the country.